GS India Equity Portfolio

Investment Commentary
December 2020
FOR CLIENT USE ONLY – NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC
Goldman Sachs India Equity Portfolio

Market Review
The MSCI India IMI index rose 20.94% (USD returns) in 4Q 2020, outperforming the MSCI EM Index by 1.24%, and bringing the year-
to-date returns to 16.15%. Though the number of cases in India continues to rise, active cases fell by ~75% from September 18th peak.
New confirmed cases are running around 20,000/day, down from over 90,000/day at the peak. While the recovery rate remained
healthy and fatality rate lower than the world average, positive news flow regarding vaccine progress did boost investor’s confidence.
Overall industrial activity — based on production data of electricity, automobiles, steel, cement, coal and refinery products — had fully
recovered to pre-COVID-19 levels. Overall services activity — based on sectors such as domestic travel, domestic and external trade
— continued to recover, but remained ~12% below pre-COVID-19 levels. The Finance Minister announced a third fiscal stimulus
package consisting of relief measures worth INR2.65tn (1.33% of GDP) to support manufacturing, agriculture and residential housing.
Headline CPI inflation declined for the first time in five months, falling to 6.9%yoy in November (from 7.6%yoy in October). Core inflation
as measured by headline CPI excluding food, fuel, transport and communication prices -- a relatively cleaner measure of demand side
inflationary pressures -- remained steady at 4.9yoy in November. The Reserve Bank of India's Monetary Policy Committee (MPC) kept
the policy rate unchanged at 4%, in line with Bloomberg consensus forecasts. Despite the recent positive inflation surprises, all
members on the MPC voted unanimously to keep policy rates unchanged, and to continue with an accommodative stance as long as
necessary to revive growth while ensuring price stability.
The government, with an intent to use COVID as an opportunity, pushed through some of the factor market reforms that would improve
India’s structural competitiveness in years to come. Rationalization of labour codes, deregulation of agricultural commodity markets,
attracting investments in manufacturing and unambiguous approach towards privatization were some of the key initiatives. Along with
the demand side, companies are noticing a gradual normalization of supply chain bottlenecks. Rural demand – which was relatively
less impacted by COVID-related restrictions – continues to be supported by favorable terms of trade and good monsoon planting
trends. After sharp 30% EPS cuts earlier this year, MSCI India CY20 EPS has been revised up 5% over past 3 months. Upgrades have
been broad-based with cyclicals and banks seeing the most upgrades. MSCI announced changes in foreign ownership limits (FOLs) for
India during November review (implemented at close of 30th Nov). This likely raised India's weight in MSCI EM/Asian indices resulting in
passive flows via EM benchmarked funds. During the period, the best performing sectors were Real Estate, Financials and Industrials,
while Energy was the only sector with negative returns.
Performance Attribution: 4Q 2020
During the quarter, the fund underperformed the benchmark by 7bps 1 on a net of fees basis. At the sector level, our positions in
0F
Energy and Real Estate sectors were the largest contributors to relative performance while our positions in Financials and Materials
sectors detracted from relative returns. The month of November saw a sharp rotation into previously lagging cyclical sectors like
Financials, Consumer Discretionary, Materials and Industrials, where some of our less-favoured names also rallied.
1 Performance for Institutional accumulation share class as of Dec-20

Benchmark: MSCI India IMI
Source: GSAM, Bloomberg, Goldman Sachs Global Investment Research. Past performance does not guarantee future results, which may vary. Any mention of an investment
decision is intended only to illustrate our investment approach and/or strategy, and is not indicative of the performance of our strategy as a whole. It should not be assumed that any
investment decisions shown will prove to be profitable, or that any investment decisions made in the future will be profitable or will equal the performance of the investments discussed
herein. A complete list of past recommendations is available upon request. Please see additional disclosures. The economic and market forecasts presented herein are for informational
purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this presentation. This
information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or
investment advice. Please see additional disclosures. Goldman Sachs does not provide accounting, tax or legal advice. Please see additional disclosures at the end of this presentation.
Fundamental Equity Goldman Sachs Asset Management | 1
Investment Commentary December 2020
Contributors
Our underweight position in Reliance Industries (RIL), a refiner and manufacturer of petro-chemicals, within the Energy sector, was
the largest contributor at the stock level. While majority of its revenues still come from their oil refining and petro-chemical business,
Reliance over the past few years has entered and done pretty well in new economy businesses segments like telecom (JIO) and retail.
Though its earnings from the oil refining business have been muted over the last year, euphoria around the stock has been driven by
several strategic partnerships and private investments that the company has received through stake sale in its retail and telecom
subsidiaries. The stock, however, has been in the correction mode since mid-October, as the Singapore International Arbitration Center
kept the Reliance Retail and Future Group’s deal on hold – after Amazon initiated legal proceedings against the Future Group. This is
expected to cause some delay in Reliance’s business expansion plans. In order to manage its debt, Future Group in August this year,
entered into an agreement with Reliance Retail, to sell its retail, wholesale, logistics and warehousing assets. Last year, Amazon had
also invested in Future Group, acquiring 49% stake in Future Coupons – a promoter group entity of Future Retail and having certain
rights over it. As a settlement offer, Amazon had asked INR 14bn in damages. While we do like Reliance’s new economy business
segments but have historically maintained an underweight position in it due to high valuations and not-so-efficient capital allocation
policies. We also trimmed our position in the stock during the period.
Driven by improving confidence on asset quality during the September quarter earnings, Indian financials rallied in the first stage of re-
rating. Investors seemed re-assured by companies' commentary across the board (listed as well as private companies, as well as the
regulator) that the situation is much better than general expectations on the asset quality front and that the financial system is fairly
stable, backed by strong capital raises. Most lenders are pointing towards increasing visibility of credit costs, as balance sheet clean-up
is largely done. Banks are increasingly looking for growth drivers; the focus is now on the ability to deploy capital and gain market
share, in order to bounce back faster as the macro environment recovers. As a result:
• Our overweight position in Kotak Mahindra Bank, one of the private sector banks in India, within the Financials sector,
contributed at the stock level. We initiated the position in 2Q 2020 and our thesis was built around Kotak’s conservatism
and improving liability franchise coupled with a strong capital position, thereby making it a compelling idea. The stock
also got included in the MSCI indices on 30th November.
• Our overweight position in ICICI Bank, one of the largest private banks in India, within the Financials sector, also
contributed at the stock level. The bank's quarterly results indicated its strong profitability as well as balance-sheet
resilience. Increased focus on commercial retail and digital penetration augurs well for the business growth.
Detractors
Our overweight position in IPCA Laboratories, a pharmaceutical manufacturer, within the Health Care sector, was the largest
detractor at the stock level. The stock underperformed as the company reported quarterly results showcasing weak growth in its
domestic formulation business related to the COVID drug supplies, after a strong performance in the previous quarters. With the
government’s plan to localize manufacturing of 53 critical APIs (active pharmaceutical ingredients) – key material for medicines – and
reduce dependence on China, we believe, revenue growth rate of domestic API manufacturers could improve over the years. IPCA’s
API business also registered sturdy growth backed by strong demand. Additionally, its India formulation business and exports are
expected to drive performance ahead.
Source: GSAM, Bloomberg, Goldman Sachs Global Investment Research. Past performance does not guarantee future results, which may vary. Any mention of an
investment decision is intended only to illustrate our investment approach and/or strategy, and is not indicative of the performance of our strategy as a whole. It should not be assumed
that any investment decisions shown will prove to be profitable, or that any investment decisions made in the future will be profitable or will equal the performance of the investments
discussed herein. A complete list of past recommendations is available upon request. Please see additional disclosures. The economic and market forecasts presented herein have
been generated by GSAM for informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved. This information discusses
general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please
see additional disclosures. Goldman Sachs does not provide accounting, tax or legal advice.
Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. Please see additional
disclosures at the end of this presentation.
Goldman Sachs does not provide accounting, tax or legal advice. Please see additional disclosures at the end of this presentation.
Our off-benchmark position in Abbott India, one of the top pharmaceutical manufacturers in India, within the Health Care sector,
detracted at the stock level. Along with greater utilization amid the COVID-19 outbreak, Health Care sector in general did well in 2020.
Subsequently, it did lag the broader market in 4Q. Abbott India is one of the domestically focussed pharma companies and has
relatively less exposure to highly regulated global markets. The stock has performed well over the past few years, with its leading
brands growing faster than the market. Company’s margins are also expected to improve further with the launch of new products,
especially into the high-margin vaccine segment. We remain positive on its revenue and margin growth and maintain our overweight
position in the stock.
Our overweight position in Vinati Organics, manufacturer of specialty organic intermediates and monomers, within the Materials
sector, also detracted at the stock level. This fiscal year was relatively soft for the company. A large part of its revenues come from
manufacturing ATBS, a specialty monomer which finds application in many end user industries, including oil & gas exploration --
especially shale gas. The business got impacted due to the dim energy sector outlook this year. We continue to hold a small position in
the stock as, we believe, the company has a good management team, strong fundamentals and growth profile -- driven by scale
benefits in chosen chemical products and better margins backed by its vertical integration. Along with stricter regulations in China since
2016, its ongoing trade tensions with the US has benefitted specialty chemical companies in India — in terms of market share gain.
Positioning
New positions/Additions
During the quarter, we initiated a position in Bajaj Finserv within the Financials sector. It is a holding company for the group’s financial
services firms like Bajaj Finance, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. During the year, the underlying
companies had remained focused on profitability, conserving cash, focusing on risk, improving and digitizing processes. They are now
in a relatively strong position to look at growth as normalcy returns. Along with its retail finance arm, we believe, Bajaj Finserv is also an
attractive play on both life and non-life insurance segments. We also expect its holding company discount to reduce over time.
We initiated a position in L&T Technology Services, within the Industrials sector. The company provides technology and engineering
services to customers worldwide – especially in transportation, telecom & hi-tech, and industrials -- but its largest revenue exposure
(~52%) or client base is in US -- only 13% revenues come from within India. Its business is pretty well diversified and we believe going
forward it could benefit disproportionately from the global economic recovery that could play out.
We also initiated positions in four stocks through their respective IPOs:
• Computer Age Management Systems is the nation’s largest mutual fund transfer agency with 70% market share. The
company services most of the large fund houses in India and has its revenues highly correlated with the growth in assets
under management (AUM).
• Gland Pharma is an injectable focused generic pharma company. Its unique B2B model and hold over manufacturing
complexity allows it to achieve economies of scale at a product level, thereby driving cost leadership for the company in
several of its key injectable molecules.
• Mrs. Bector’s Food Specialties is one of the leading companies in premium biscuits and bakery segment in North
India. It is the largest supplier of buns in India to reputed quick service restaurant chains.
• Angel Broking is India’s leading broking and advisory services firm. It’s distribution business also involves selling third
party mutual funds and insurance products.
Trims/Exits
During the quarter, we trimmed our position in Reliance Industries. Please see comments above.
We eliminated our position in Hero Motocorp, the top two-wheeler (2W) manufacturer in India, within the Consumer Discretionary
sector. We exited our position due to: a) weaker than expected demand uptick in domestic motorcycles; b) rising input costs, requiring
price hikes over and above the recently hiked prices related to the new emission norms; c) potential medium term threat from 2W
electric vehicles -- where Hero is a weak player.
We also eliminated our position in Dalmia Bharat, a cement manufacturer within the Materials sector, and consolidated our position in
Ultratech Cement. Ultratech is the largest cement manufacturer in india with ~25% market share. It is constantly gaining market share
through both organic and inorganic capacity expansion – 28% through greenfield – with an efficient capital outlay. With strong
operational cash flows, release of working capital and divestments of non-core assets, we expect its deleveraging efforts to continue
despite growth in capital expenditure. Ultratech has increased its focus on enhancing the use of green energy over the next 2-3 years,
including increasing its operational solar power capacity from 115 to 350MW.
Outlook
From the healthcare perspective, we believe, the Indian government is increasingly focused on checking the spread of COVID-19.
Economic revival continues to be the government’s top priority with most of the places now open for business. We expect the economic
recovery to continue on the back of easier domestic financial conditions, a positive fiscal impulse, uplift in investor sentiment, and an
easing of supply bottlenecks. We expect that the broad-based availability of an effective vaccine in India could allow mobility to
normalize gradually, allowing a meaningful rebound -– particularly in consumer-facing services sectors.
Recent key reforms or initiatives taken by the government include: freeing up labour markets, opening up agricultural commodity
markets, and unambiguous approach towards privatization, as well as, measures to make India self-reliant like import disincentives,
production-linked incentives, tax benefits and digitization -- in an attempt to increase the share of manufacturing in GDP from 17%
currently to 25% over the next few years. While this is expected to create around 100mn new jobs -- as per Goldman Sachs Global
Investment Research (GIR) -- knock-on impacts could also see India better develop its consumption potential and boost earnings for
domestic companies over time. We believe, these reforms would structurally improve India’s competitiveness over the medium term,
and are an icing on top of the past reforms implemented. Given the demand size that could be on offer, global multi-national companies
are also riding the bandwagon. While the near term impact of some of these measures may be limited, they could contribute
significantly to India’s long-term growth.
We believe the medium-to-long term economic outlook for India is driven more by its favorable demographics, diverse corporate
universe and a stable government with a reformist mind-set. After a roller coaster 2020, we believe, India has a long runway of growth
ahead. While it may not be completely immune to global shocks, it certainly is relatively more insulated. While the market has
rebounded strongly from its lows in March, we believe, the valuations still appear attractive to gain exposure to Indian equities.
Lastly, key themes that we expect to play out over the medium term are:
• Domestic market consolidation: Over the period of time, Indian companies have gone through a de-facto stress test on
profitability (higher credit costs/raw material prices), liquidity (NBFC liquidity crisis) and solvency (COVID crisis). We
believe, companies with strong fundamentals -- strong balance sheets, cash flows, profitability and management
execution -- would be able to weather the storm. These companies are likely to emerge as winners; weaker companies
would face challenging times while continuing to lose market share.
• Local firms benefitting from “Indigenization”: The government's increased push for both “Make in India” and using
products which are “Made in India” is expected to boost manufacturing in India, spilling benefits of it to a lot of small and
medium sized enterprises. After a significant correction in 2018-19, small and mid-cap stocks have been resilient and
have gained attention on the back of reasonable valuations.
• Increased digitalization and internet adoption: Widespread adoption of services through internet is expected to benefit
companies operating in the field of technology, communication services and online services.
• Infrastructure outlay: Indian government plans to spend $1.4 trillion – as part of the national infrastructure pipeline (NIP)
-- on infrastructure during 2019-23 for sustainable development and consequently provide a multiplier effect to the
economy. Currently, investments -- with private partnerships wherever possible -- are being made in developing smart
cities, industrial corridors, rail, road, renewable power projects etc. A significant amount of resources could be deployed in
the near term.
Disclosures
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Regulation Authority.
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Investment Advice and Potential Loss

Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be
construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable
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An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.
Swing Pricing
Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference
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Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as
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Portfolio Holdings may not be representative of current or future investments. The securities discussed may not represent all of the portfolio's holdings and may represent only a small
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Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These
forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be
reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a

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investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document
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Index Benchmarks
Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns.
Investors cannot invest directly in indices. The indices referenced herein been selected because they are well known, easily recognized by investors, and reflect those indices that
the Investment Manager believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein.
Indices are unmanaged, and the exclusion of “failed” or closed hedge funds may mean that each index overstates the performance of hedge funds generally. The figures for the
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Investment Commentary

Goldman Sachs India Equity Portfolio

Performance Attribution: 4Q 2020

1 Performance for Institutional accumulation share class as of Dec-20

Investment Advice and Potential Loss

Fundamental Equity Goldman Sachs Asset Management | 6

Fundamental Equity Goldman Sachs Asset Management | 7

Fundamental Equity Goldman Sachs Asset Management | 8

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